The Mortgage Process

1 - Make Application for a Home Loan

This can typically be done online, on the phone, or in person. Usually, you will be asked to provide information on things such as income, debt, assets, and liabilities. It is straightforward and should not take long to complete.

2 - Information is Analyzed

A loan officer will analyze the information that you have provided. He/she will pull your credit report, and will also provide you with a list of documents needed to support the loan approval. Examples of documents needed may be:
o Purchase Agreement for the home you are buying
o W-2's for the last two years
o Tax returns for last two years filed
o Last two statements for all bank/stock/retirement accounts that you list on your application
o Copy of Driver's License and Social Security Card

3 - Automated Underwriting Approval

The information provided is then run through an automated underwriting system. Once this is complete, a preapproval can be issued (based on the information provided thus far). This will give you a good idea as to whether there will be an approval on the loan once an Underwriter reviews the Loan Application.

4 - Disclosures

A package of disclosures, which detail the information of your loan, will be generated and sent to you to review and sign. You will be asked to review these disclosures, sign them, and return them to your loan officer promptly.

5 - Processing and Underwriting

Your file will then be submitted for processing. A Processor pulls reports and gathers information such as transcripts, property tax information, insurance information, etc., and prepares the file to go to an Underwriter to review.
- The Underwriter reviews the file and makes a decision as to whether the loan will be approved or denied.
- The processor then collects any additional information needed, such as an appraisal on the home, any additional conditions issued, etc.

6 - The File Goes to a Closing Attorney to Prepare for Your Arrival

The Closing Coordinator submits for a Settlement Statement to be generated (this is often referred to as a HUD). Your Loan Officer will review the Settlement Statement with you and will cover the funds needed to close at this time.

7 - Close on Your New Home

This is going to be one of the most exciting days of your life! Here you will meet with a Closing Attorney, sign off on final documents, get your keys, and you will leave a very proud new homeowner! Congratulations!